Topic: [ANN][XRB]Cryptocurrency's killer app: RaiBlocks micropayments - page 168. (Read 775279 times)

Is there any way to store my Railblocks on a cold wallet?

Or is it rather possible to secure raiwallet access with my Trezor hardware wallet?

I just noticed that this is another lie, official representatives own less than 25% of the total weight.

He has lied to say 52%, which I assumed was the truth in my first rebuttal but on closer scrutiny is another misleading lie



Totalling the weight of all the official reps is much much less than 25%.

The rest of the representatives are all much smaller nodes. There are around 1400 reps.
No representative has more than 11% total weight.


So his statement is a total lie that official reps have 52% of the total voting weight, and the fact that he is posting this across several websites from new and fake account show his intention to create FUD

Congrats mate , glad to see success stories and enjoy the new Year with your new Lambo

My concern is the testing of this crypto. Does anyone knows if Rai was tested already to have at least 1000x transactions per second as it claims to have. I am just trying to understand where is the evidence that what;s written in the papers is actual working in practice ? For me and many non technical folks we need to have a testing phase to see if it works like some coins did for atomic swaps and lightning network. As long as there is no evidence to demonstrate what's claimed by this project all remains just piece of paper and because they are new , they are not that trustful as BTS or DGB are (talking about the same family of coins).

Great points you stated here mate, and as a supporter of raiblocks since the beginning I agree with what you're saying here, but I just like to correct you in a few statements that you said here:

1. When I said he's no way here to be a part of the community, when I said community I don't mean this forum, I meant the people supporting raiblocks, by definition community means a group of people having a particular characteristic in common, so we on here are a community, we're a group of people who's particular characteristic is supporting raiblock and fracas doesn't seem to have that characteristic, I think his posts history will prove that statement of mine.

2. Exactly I couldn't agree more, there are no influencers here but you should know the fact that a huge factor of a coin's success is its community, so if a coin has a lot of supporters it's most likely to succeed, just like what happens to this project, even though it's just being accepted by small exchanges because of it's strong community, we were able to move it forward and we didn't let things happen, we made things happen.

3. I also completely agree problems must be discussed so that the devs will be aware of it and it will just make this coin better and strong in the long run, but fracas isn't always pointing out the problems mate if you've seen his post history then you'll realize that he mostly fuds than points out problems, his posts seems to taunt raiblocks supporters saying "enjoy the collapse",posting a "fake news gif" to people who points out that it's just a correction in the market, I think if he really wants to help this project then he should do it in a mature manner, not like this, maybe in a way @cr1pton00b stated, that's a very mature and professional way of discussing the problems of raiblocks.

I honestly don't have a problem of people pointing out the weak points of raiblocks, because in reality all cryptocurrency have weak points, nothing is prefect, even in the cryptoworld, there will always be a coin much better than this, but I do have a problem with people posting FUD and just postings things that are not even helpful to the raiblocks community, this project is still young there's still more to come this year and there will more development that will make this project so much stronger so to the people spreading FUD don't even bother, it's 2018, time to change now mate.

Alway be aware of Brand New accounts. Someone with technical knowledge has definitely a main account to post from.

-bitblaster

Couldn't the same MitM attack be used in a bitcoin transaction? Connect to all the peers of a merchant and mine 6 blocks containing the double spend while filtering out all longer blocks so the merchant accepts the transaction as valid.

If anything, that seems positive to me. Why would you want to make a coin of which you have so many units worthless by attacking it?

DEAR LORD THANK YOU FOR XRB PAMPZ and HNY TO ALLLLL!!! 

just deciding on orange or lime green lambo paint 

I am very much looking forward to it, thank you.

Hi everyone... I haven’t looked at XRB in awhile.

For all of you holding.... congratulations !

I thought I was holding XRB on yapriwallet.space.

Did they dissolve?

Kind regards,
Kings

Why RaiBlocks is not secure.

In this article I will try to explain why RaiBlocks is not secure and why its technology is any better neither comparable than the Bitcoin technology.

1. Decentralized payments
Decentralized payment networks are, in opposite of centralized payment network like banks, a way to secure your money without having the risk that a central authority could steal your money or manipulate the money in the market. Decentralized payment networks use asymmetric cryptography to ensure that you are the only one who can spend your money.
When you create a cryptocurrency wallet you are given a public key and a private key. The public key allows other people to send you money, while the private key allows you to spend them.  

But how other users know how many money do you have?
To accomplish this, every user of a decentralized payment network must download the entire transaction database which is replicated on the entire network. When you send a payment over the network, it is received by all the users connected on the network allowing them to know your updated wallet balance and allowing them to discard that payment if you don’t own enough funds.

2. Double Spending
The main problem that afflicts decentralized payment networks is double spending: the ability of an user to spend his money multiple times. In the real world, when you pay someone you give him the real cash. In a centralized payment network, like VISA, the central database is updated every time you make a payment, and they will not allow you to spend more money than your balance.
In a decentralized payment network what happens if you send the same amount of money on two users of the network in the same time? Since their database takes time to update for a small amount of time they both will receive the payment and accept it. In a later moment, when the network tells them that you double spent your money, they will cancel the payment, this is possible because every payment is broadcasted to the entire network, not only the receiver.
Without any other security layer, if a malicious user double spends his money and succeeds to block a payment receiver to know that he sent the same money to someone else (or even better, to another wallet of his own), the payment receiver will accept the payment and ship the good. This is so bad, since even a network connection problem could temporarily lead a payment receiver to undetect double spendings.

3. The Bitcoin Solution
To solve this problem, Bitcoin relays on the fact that after you receive a payment you need to wait a confirmation block, the confirmation block tells you that the payment you have received has been accepted by the entire network and you are allowed to spend it. To create a confirmation block, the miners create a list of all the pending unconfirmed transactions and solve a very difficult mathematical puzzle. The miner who solves the puzzle first, sends the block he found with all the list of confirmed transaction and the solved puzzle to the network, the users of the network will check if the puzzle solution is valid and then reward him with some free coins plus the sum of all the payment fees of each transaction in the block. The miners must create a valid list of payments to be accepted by the network, so double spend attempts are just discarded.

In Bitcoin an attacker,  to make a succesful double spending, should not just stop you from receiving a double spend attempt message, but he should also solve the puzzle to create a confirmation block in a reasonable time frame. Currently solving that puzzle with a single computer would take years; at writing time to solve that puzzle a network of thousands dedicated hardware is used, an attacker would require a billionaire investment to replicate that network. Moreover, it would not only need to create one confirmation block but six of them (6 confirmation blocks are required in the Bitcoin network to trust a payment).

Critics of Bitcoin say that all the computation power used to make the Bitcoin network secure is just a waste of energy because there are other reliable and better technologies. Is that true?

4. What is RaiBlocks?
RaiBlocks is a crypto currency that advertises itself as a fast, fee-less and secure currency, unlikely Bitcoin which is currently slow and high-fee (usually requires 1 hour to a full payment confirmation).
But the key point is that Bitcoin has been made that way to guarantee his users a certain amount of security to prevent double spendings. 
 
RaiBlocks completely ignores the Bitcoin technology and relies on a special version of the Proof Of Stake concept.
When you receive a payment in the RaiBlocks network you have to wait a certain amount of time to be sure that a double spending has not been attempted (and remember the first problem, if an attacker stops you from receiving the double spend you would never know!)
When a double spent is detected, the RaiBlocks network starts a vote. Every peer connected to the network vote to accept the payment A or payment B; every user vote is weighted with the amount of his balance. Usually each peer votes for the first transaction he receives. The transaction which the sum of votes reaches the 51% of online amount of currency wins. The winning transaction is accepted by the network and the other one is discarded. (Reference https://github.com/clemahieu/RaiBlocks/wiki/Double-spending-and-confirmation)

The payment receiver, if his network has not been compromised, will then know if he can trust the payment or not, and will ship the good accordingly. This system leads to an unsolvable problem.

5. The Man in the Middle attack.

If an attacker succeeds to put himself between a merchant and the RaiBlocks network he can just filter the double spending payment packets, and the merchant will never know that he is receiving a double spending. The Raiblocks network will discard that payment while the merchant will accept it.

https://s18.postimg.org/7pnm6yweh/doublespend.png

6. Solutions proposed by the RaiBlocks team

a) The merchant should ask a vote for each payment he receives and wait for the confirmation. 
The problem is that the attacker could manipulate the vote by telling the merchant that only his peers are connected to the network thus he will win the vote by filtering only his votes. Plus, asking a vote for each payment would cause a huge increment of bandwidth usage that many peers could not handle.

b) The merchant should have a remote node verifying the payment.
The attacker could just attack that network too.

c) The merchant should ask the RaiBlocks.net website if the payment has been accepted.
The attacker can hack the RaiBlocks.net website. Also if you have to rely on a website you can no longer consider RaiBlocks a decentralized network.

Other solutions

1) A payment to be accepted should require a vote with a minimum weight quorum.
It's difficult to establish a correct quorum, and if that quorum is offline no payments will be processed.

2) A payment need to be accepted by some trusted representatives.
This will stop the network on being decentralized. Also, if those representatives are offline the payments are not processed.

7. Why Bitcoin is not vulnerable to this type of attack
Simply because an attacker, to be trusted by a merchant, would require to solve a very difficult puzzle for six times. An attacker cannot alter the difficulty of that puzzle.

8. Other observations

a) RaiBlocks is just Bitcoins without the Bitcoin securing algorithm. The creator of Bitcoin, Satoshi Nakamoto, describes the double spending problem in the original Bitcoin paper: https://Bitcoin.org/Bitcoin.pdf. The developer of RaiBlocks just thinks to solve the problem by ignoring the problem.

b) The official representatives of the RaiBlocks network own more than 52% of total voting weight, allowing the developer to manipulate every vote on his will.
Source: https://dev.RaiBlocks.net/page/representatives.php


9. References
https://RaiBlocks.net/media/RaiBlocks_Whitepaper__English.pdf
https://github.com/clemahieu/RaiBlocks/wiki/Double-spending-and-confirmation

Before i was anxiousing because xrb behind of XP, but finally XRB can go ahead and surpassed XP. There are 4 days remaining before this vote ends, so i hope XRB still on the first place and we can win

+1
and I say this as a strong xrb supporter, but despite this I strongly wish to hear everyone's opinion

Your attitude is very wrong mate. There are a couple of things you seem to be missing here:

1. The community is this forum. If he is in the forum then he is part of the community. This is not a cult, nor private XRB forum. We discuss things openly here.
2. There are no influencers in this forum. Nothing said here will change the fate of any coin. If it's meant to succeed it will despite anything said here, if it's meant to fail it will.
3. We as investors and potential investors have only to gain if problems are discussed. See #2. Nothing changes for the coin, but it does for us. Even if there is a 1% chance he is right, I want to hear about it and I alone will decide if he is right or not. Depending on that I might be in or out, or change my mind at any time. I'm following a large number of coins, I might or might not be invested in it. One thing that I definitely want to hear about everywhere are the potential problems. Lets not turn this forum in an echo chamber.